Member Info for Hullaballoola

You'll find Charlie joined at the hip with Mike Unwin.

Every step of the way from 2015, through all the failed financings, influencing voting at last year's GM ... probably having morning coffee with Geoff Miller right now ... and Victoria, bless.

Suspect he would be better off grabbing a coffee with Houdini!

Smells like Hill Dick are leading the charge on a pre-pack, all the ducks in a row to steal the business from current shareholders, when a financing deal has been set up to move forward.

Can't see any other reason for it and surprised they are so shamelessly aggressive IMO.

They didn't press winding up orders on their other debtors like TSP or STRAT, so why HELD? IMVHO, Hill Dick have strangely different motives.

Share Prophets are calling fraud on this. Did anyone read the full article?

I don't believe Miller has injected his own cash either.

And I don't believe any of his corporate governance patter.

He's had almost six months to run through the books with a fine tooth comb and rectify past mistakes or at least some of them but has nothing to show for it.

This RNS and "Strategic partnership" is a classic from the Gatwick playbook.

In his interview with Green, Miller stated he didn't want to provide a running commentary on the FDA process and he didn't want to provide a timescale on it. Despite this being critical to the company's only product supposedly under development.

Yet Miller announces Heads of Agreement signed with a new strategic partner who clearly has not done its due diligence and this may never happen. This is more of the jam tomorrow type announcements that never materialise.

Mr Miller stating the Company will “undertake a review of all of the actions by the company since IPO” betrays his lack of sincerity and desire to engage with shareholders.

For instance, picking this arbitrary date enables him to ignore the fact that the key engineer downed tools a few days before listing that definitely needs investigating. Why was this critical account not kept up to date with the engineer fast-tracking development, while funds were allegedly sitting idle in a crypto account?

After three months in the job, Mr Miller is still not on top of the relationship between Truspine and Lincotek. THE most critical development account that goes back way before listing.

He said he believes money is still outstanding “but … waiting for Lincotek to confirm.” What is wrong with Truspine’s accounting records that they don’t know their current liabilities? Just ask Mr Lott CFO, that’s what he’s there for!

More serious is that money being owed to Lincotek calls in to question the adequacy of the FDA application. Mr Miller states he has “seen a full copy of the application” made in July 2023 yet he does not comment on correspondence since. The RNS on 5 January 2024 referred to “clarification on certain matters as part of the substantive review stage” but Mr Miller remains silent on this.

That money is still owed to Lincotek suggests they will not have released all the data necessary for a credible FDA application.

One would have thought Mr Miller’s priority on raising money this year would have been to bring the critical supplier accounts up to date and access the essential data for the FDA.

Mr Miller had the opportunity to make a clear statement about this that would have given him great credibility but he has not chosen to do so. Seems his blinkered approach to addressing the litany of issues is not going to get to the heart of the matter and improve the outlook for shareholders.

What else is utterly implausible and an insult to our intelligence is that Truspine “acquired its Tether holdings in one payment from an investor… There was no speculation in cryptocurrency,” Nothing to see here, according to Mr Miller.

We are expected to believe that:

a. somebody wanted to subscribe £300k for shares in USDT,

b. the Company bizarrely accepted this subscription denominated in USDT which are Ethereum based units on a crypto trading platform,

c. the Company labelled it “digital assets” and left an effective US deposit sitting fairly idle for a long period while not paying essential vendors and not developing its only product.

We know this because Peter Houghton confirmed: “I could not understand nor receive any clear answers as to why a spine development company was not making development a priority.”

And we are told the key vendor referred to in the Admissions Document, stopping work a few days before Listing: ““As we discussed in our team meeting yesterday with both the Lincotek and TrueSpine [sic] people present, Truspine has not come current on their financial obligations,” Lincotek’s Dan Triplett wrote in the email on August 11, seen by City A.M… “To that end, and as discussed in the conference call yesterday, all engineering work will immediately cease on this project,” Triplett added.

Mr Miller wants us to believe they had £300k sitting in a USDT “deposit” account, not multi-bagging in BTC or ETH, while the key product development company downed tools because of non-payment!!!!

Really???

And how the hell did this company get signed off for Listing by the BoD and all the advisers on 19 August 2020, when the key product development company had stopped work a few days before, yet funds were sitting on a crypto platform????

TC was on the Board for 4 years with the opportunity of much better visibility than any non Board member.

TC is a joint inventor of one of the technologies licensed to Truspine.

Given his position on the Board and with such a keen interest in that tech it is not remotely plausible that he was not aware of the IP agreements in place. And of course the shareholdings were in the public domain at Companies House.

So no, for all that MU et al favoured the Mushroom Principle, I do not believe TC was in the dark on this matter and whoever is telling you so probably is deflecting attention from themselves.

@Hogbog, why do you think directors have no skin in the game yet seem to have separate holdings in the investee companies? Would make more sense for them to back VELA... no?

That TC and FB are registered inventors at USPTO has never been a secret nor has FBs shareholding. TC was a director for 4 years from 17 August 2015 until 24 July 2019 when he was unceremoniously booted by Unwin, I believe. TC was in a far better position on the board to influence things and rectify anything he didn't think was right about the IP so your argument doesn't stack up.

My understanding is that TC was promised shares that he didn't receive but that's between him and the Company. I also believe he was treated terribly as were other Americans, inc PH, and that's not right.

That CB was acting as IP attorney for both the Company and Frank(/Todd?) is a conflict of interest . That there's no inventorship agreement is sloppy, at least but TC was fully informed or should have been and that's on him.

The whole IP story seems messy with weak and biased agreements. To my mind that's on CB, Michael Bennett, now at Hill Dickinson and Philip Olm, now Head of Regulation at Aquis, the latter both involved from 2015.

That Truspine was approved for listing is astonishing and of course, Mr Olm also had a conflict of interest which I would really like to know if he ever declared it.

Where is it?

Exactly, who is doing what?

There has been no RNS that Mr Miller and Mr Ogunsalu have gone from NED to Exec Directors but perhaps they noticed the imbalance on the Board with only 1 Exec and 5 NED's which was quite frankly, ludicrous.

What is interesting is Mr Miller did mention their responsibilities in the recent interview but failed to mention the switch. He also failed to justify why Mr Evans and Mr Patel remain on the Board for they have neem epic failures as NEDs in my mind.

Astonishly Mr Miller failed to mention Mr Norman Lott, the CFO, the longest standing director, the director with intimate knowledge of all the legacy issues, in his interview. That was a glaring ommission.

Or did Mr Miller intend to keep Mr Lott in the shadows, knowing that 49 million shares were VOTED against him remaining on the Board at the 2023 AGM, with a majority of 56.6m in his favour?

This is such a narrow majority and extraordinary that Mr Miller would swing this with his own votes and favour a man with such an appalling track record, including related party write-offs et al.

Mr Lott had such an overwhelming vote of no confidence by others investors, including highly significant shareholders, it is extraordinary Mr Miller would fail to read the mood in the room and back the failed regime represented by Mr Lott.

Just catching up and the interview starts with Alan Green saying Truspine is the "owner and developer of three uniquely disruptive technologies" which set the tone of the interview because TSP is not the owner and there's not been a lot of development in nine years.

Green then poses questions that he claims have been put by shareholders on the new investor hub that was only launched that morning. Ridiculous and untrue. He's making things up. Green is part of the problem, the same regime that continues to bamboozle shareholders with misinformation.

Mr Miller then has a field day building a picture of strategic partnerships, complementary products and global commercialisation. Perhaps its best to walk before running. Or preferably clean up the historical issues so partners and finance can pass their due diligence.

How does saying the company has not covered itself in glory in managing the IP, chime with his statement "what has been said by the Company about the IP is historically accurate"? And Mr Miller has seen a full copy of the FDA application! Firstly, the FDA does not leave you in the dark for 11 months and notice, Mr Miller has played down the significance of FDA approval for Cervi-LOK - what?!?

It is plausible they are in comms with FB and there's a fair chance he could come to the table but nothing is certain until its certain. If it was there would have been an announcement by now and FB would not be selling shares down but TSP would be sweetening him up and settling outstanding fees. Somethings not quite right there.

As to the rest of it ... Green set the tone and unfortunately, I don't buy much of what was said. A new Chairman would usually take the chance to have a good clear out and get rid of all the skeletons but not this one. He seems happily in bed with them.

@Irishboy, it's good you want to get behind the Chairman. I will when I start believing and trust me, I want to believe.

In an appalling display of corporate governance, the Board have not been transparent on the votes FOR and AGAINST each resolution. What are they afraid of?

This tells me there has been no regime change. It's more of the same. Empty words. No substance.

The best way for the Company to engage with shareholders is to engage with them at an AGM in person and with online access. Shareholders then have eyes on the Board and can see their reaction to questions about FDA approval for instance.

It is absurd to announce better engagement with shareholders and deny this access while also shutting down comms on the FDA submission.

Mr Miller seems to think if he says historic issues are behind Truspine enough times it will become true. The historic issues will always tarnish shareholder value until they are remedied.

I can't see why anyone would subscribe £1.5m to a Company with contested IP, an implausible FDA application, an already bloated share register and holes in the accounts from related party transactions et al.

Mr Miller has a hard task ahead of him to clean up the legacy issues but must be the man for the job as he does not bandy words around. At the heart of his approach to business is good corporate governance... and he does not work with companies who disagree with this.

Must be true as these are his words from his Linked In profile:

"At the heart of my approach to business are good corporate governance, equality, diversity and stewardship. I do not believe that these are words to be thrown around but rather they are fundamental to the core of any great organisation. Where a company does not agree with this, I will not work with them."

Presumably Mr Miller will be voting against some of the resolutions this week or he might need to eat his words.

VELA is but one legacy issue, Mr Miller needs to investigate and repair them all.

The IP needs to be restored to the Company but this is not solved by denying it is contested and making false claims here that all is resolved. Securing a few more votes for Mr Miller to vote at the AGM, repairs nothing atm.

Mr Miller has to take a lot of remedial action to demonstrate he is not simply a continuation of the past. And this should be a priority.

You say: “surely he’s going to bring the IP back” which confirms you also believe the IP has not been with TSP.

Kerching … multiple misrepresentations by the Company.

The RNS begs a number of questions but categorically confirms the IP is contested. That’s one uncertainty clarified.

Sorry to see this. Roast Boys have a lot to answer for

LtdAxis, we are all pleased to see the back of him but Strauss was just a puppet and nothing has changed. Ongoing smoke and mirrors with the short RNS full of the usual misrepresentations.

It was the 15th RNS this year that have achieved little other than to dilute us to smithereens, with shares they do not have the power to issue without an AGM. The AGM was set for April, postponed til May and not yet firmed up. There's a lot to worry about a company that cannot even organise an AGM.

It is surprising Miller, Sena and Ogunsalu willingly lend their good names to this farce. What's in it for them other than to ruin their reputations?